Restructuring Global Supply Chains and Economic Security of South Korea

• In Event: Traditional and New Security Issues in Korea

Abstract

Mounting geo-economic competition between the U.S. and China along with global shocks the COVID-19 pandemic and Russia’s invasion of Ukraine have caused draws significant attention to the issues of instability and vulnerabilities in global supply chains (GSC) which are critical to international trade, production, and economic security. Can the U.S., South Korea, and their respective economic partners in the Asian region successfully coordinate their efforts to establish secure and resilient GSC? What affects their coordination efforts? How are such efforts associated with the U.S.-China rivalry and their strategic competition? By assessing the efforts to reshape GSC from the perspective of power transition theory, we clearly define the nature of the competition. In addition, by evaluating political, economic, and historical factors that may affect cooperation between the U.S. and South Korea with respect to restructuring GSC in key industries and its impact on economic and national security in various ways, this paper presents pros and cons of such efforts. Overall, the argument and findings highlight that restructuring GSC poses significant challenges to the global economy and politics.

Authors

• Wonjae Hwang, University of Tennessee

• Wooyeal Paik, Yonsei University

• Haeyong Lim, Jeju Peace Institute